Launching your first business can be very hard; it’s a bit like bungee jumping for the first time. You’re stood on the edge scared it’s going to fail and you’ll hit the ground. But you try it and you either love it or say you’ll never do it again.
The trick is to just try! I think being an entrepreneur is a bit like an adrenaline sport junkie only with the added thrill of making money. The highs come from winning contracts and closing deals and the lows from those tough decisions you have to make to be able to carry on your business venture.
Make the jump and you’ll be part of a rare breed of people that dare to make their mark on the world.
Being scared is natural, comfort yourself with planning if you need it. Ask potential customers what they think of what you’re doing; perhaps even dabble in it on the side to see if it’s for you. It will be hard, but it will be worth it.
When starting a business you shouldn’t be scared of failure either, what’s the worst that can happen; you’ll lose the time and money you’ve invested in it. But think about it from the other angle, what if you didn’t; it would eat away at you and you’d wish you’d tried it. What’s the harm in trying?
My journey into entrepreneurship was mostly made up as I went along and I’m not afraid to admit it either, I wanted to run my own business I just needed the right idea. I had a crazy idea that I knew could work. I said to myself you’ve got 12 months to make it work and then you’ve got to re-evaluate it. I made a loss but I could see the interest and carried on.
In hindsight, the questions below are the ones I should have been asking myself to improve my journey, I hope it helps yours!
I was lucky enough to work with Derby University on one of my first paid projects, image of that can be seen below!
How much do I need to live on?
How long will my savings last me? (I grossly underestimated this)
Is the idea clear?
Who will buy it?
What will they pay?
What’s the process a buyer will go through with me?
What’s the profit margin I want to make?
How much will I need to make to make the income I want?
How do I feel about rejection? (It’s hard but you’re going to deal with it a lot initially, this helps get you your first customers)
What do I want out of my business? (Lifestyle, financial freedom etc)
What am I prepared to do to make the business work?
Who can support me? (People who have done it, friends who can support you)